Archive for the ‘tax filing’ Category

Is Your Social Security Taxable? Here are the Rules

Posted by John Ellsworth, Esq December 1st, 2012

All Social Security recipients should receive a Form SSA-1099 from the Social Security Administration which shows the total amount of their benefits. But many people may not realize the Social Security benefits they received in 2012 may be taxable. The information outlined below should help you determine whether those benefits you receive in 2012 are [...]

3 Smart Year End Expenditures

Posted by John Ellsworth, Esq December 1st, 2012

While in the mode of holiday shopping, consider these 3 tax-smart purchases. Make Charitable Contributions Consider making charitable contributions before year-end both to obtain the maximum tax deduction and to fulfill any charitable programs or commitments you may have established for the year. Pay Tax-Deductible Expenses Consider paying tax-deductible expenses prior to year-end. Some common [...]

Business Tax Changes for 2012

Posted by John Ellsworth, Esq December 1st, 2012

Whether you file as a corporation or sole proprietor here’s what business owners need to know about tax changes in 2012. Standard Mileage Rates The standard mileage rate in 2012 is 55.5 cents per business mile driven, 23 cents per mile driven for medical or moving purposes, and 14 cents per mile driven in service [...]

Individuals’ Income Tax Changes for 2012

Posted by John Ellsworth, Esq December 1st, 2012

Here’s what individuals and families need to know about tax changes for 2012. From personal deductions to tax credits and educational expenses, many of the tax changes relating to individuals remain in effect through 2012 and are the result of tax provisions that were either modified or extended by the Tax Relief, Unemployment Insurance Reauthorization [...]

Tax Season is Over

Posted by John Ellsworth, Esq April 16th, 2009

Most taxpayers have been fooled by the IRS. Most people have been fooled into thinking the tax year ends on April 15, when they file their tax returns. I’m here to tell you it just ain’t so. For smart taxpayers the tax season goes on year ’round. I say smart because these are the people [...]

Car & Truck Expenses

Posted by John Ellsworth, Esq April 2nd, 2009

HOW TO DEDUCT CAR/TRUCK EXPENSES THIS YEAR As part of an ongoing effort to make a dent in the estimated $30 billion of annual tax revenue lost as a result of overstated deductions, credits and exemptions, the IRS has issued a fact sheet that provides an overview of the rules for deducting car and truck [...]

Medical Expense Reimbursement

Posted by John Ellsworth, Esq March 23rd, 2009

Save Big Money With A Medical Expense Reimbursement Plan Business owners who operate under an entity structure that includes a C corporation have reason to celebrate. The IRS has announced a new policy that makes one of the best tax shelters in the Internal Revenue Code’s “a corporate medical reimbursement plan” even sweeter. Here’s what [...]